Nanoscale technology is widely used in medical devices and medicine where manipulations are made at the molecular level, taking advantage of the novel properties of a material. The primary demand of this field in medicine is in making improvements in the delivery of treatments and healthcare outcomes. Nanomedicine refers to the usage of nanoscale healthcare technology in pharmaceutical applications to make medically useful products.
Nanomedicine is a promising mode of cancer treatment. This growing field of medical research can be used to discover better personalized treatment for a wide range of diseases, including cancer. With the advantage of the properties of matter at nanoscale, nanomedicine promises to develop innovative drugs with greater efficacy and lesser side effects than standard therapies. The need for technological advancements to enhance disease diagnosis, treatment, and prevention is thus found to be the major driver for the nanomedicine market. In the case of cancers, nanomedicine offers promising changes from the current methods of diagnosing and treating cancer. Translation of nano-based cancer therapies and diagnostics has witnessed significant progress and several new developments are in the pipeline. Along with these, multiple other factors are also driving the growth of this market in the healthcare industry.
Key Market Trends Neurological Diseases is Expected to Show Better Growth in the Forecast Period
A large number of brain disorders with neurological and psychological conditions result in short-term and long-term disabilities. The Parkinson’s Foundation Prevalence Project estimates that 930,000 people in the United States will be living with Parkinson Disease (PD) by the year 2020. This number is predicted to rise to 1.2 million by 2030. Therefore recent years has observed a significant number of research studies being published on methods for the synthesis of nanoparticle-encapsulated drugs within in vivo and in vitro studies. The insufficient absorbance of oral drugs administered for a range of neurological conditions, such as Alzheimer’s disease, Parkinson disease, tumor, neuro-AIDS, among others, opens up the necessity of nanomedicine with stem cell therapy. Some of the registered nanoparticles for the complex CNS treatment are gold nanoparticle, lipid nanoparticle, and chitosan nanoparticles.
Other than neurological diseases, research-based progress was found in the treatment of cancers, with the scientific communities identifying new metabolic pathways to find better drug combination using nanomedicine.
North America is Expected to Hold the Largest Share of the Market
In the United States, several companies are closely observing the developments in nanostructured materials across various applications in the healthcare industry, including medical devices, to improve efficiency and efficacy.
For instance, nano-manufacturing in Small Business Innovation Research (SBIR) programs was developed for both commercial and public use. Companies are targeting the treatment of several cancer types and infectious diseases through immunotherapy, where nanoemulsion vaccines and drugs play a significant role. In the United States, one of the major challenges associated with nanotechnology is the ability to integrate nanoscale materials into new devices and systems, along with an application of novel properties at the nano-level. Furthermore, most of the companies are investing in R&D. Nanotechnology is thus likely to play a significant role in the delivery of drugs, which is expected to further advance the research and development activities, over the forecast period.
Competitive Landscape The major market players are focusing on technological advancements and improvements in drug bioavailability and drug administration. Some of the major players in the market are Sanofi SA, Pfizer Inc., Celgene Corporation, Luminex Corporation, and Taiwan Liposome Company Ltd.
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